Eni downgraded to Market Perform from Outperform at Bernstein

Bernstein downgraded Eni to Market Perform from Outperform with a price target of EUR 17.10, down from EUR 17.50. While the firm likes Eni’s transition strategy, and views it as “differentiated and so far succeeding in bringing in material cash, well above market expectations,” that is the mid to longer term view and in the short-term the 12 month rating is based on a valuation, which the firm says “now offers limited upside.”